In the first fortnight of this first month of the year the increase was 1.1%. It should be remembered that between June and October the dollar had a monthly increase of less than the 1.1% recorded in just half the time.
The BCRA seems to have slightly accelerated the “crawling peg” after the legislative elections, to bring the rate of devaluation closer to the rate of inflation. On Thursday, INDEC reported that prices increased 3.8% in December.
Although a lower rise is expected in January, the truth is that Even with this higher rise, the official dollar would still lag compared to prices.
Meanwhile, the monetary authority is taking advantage of the fine wheat harvest season to bring greater calm to the reserves, affected by the debt payments that the Government had to face a few days ago.
The Central acquired, in net terms, more than US$200 million in the official foreign exchange market since the beginning of the year. However, in that period, reserves fell US$294 million, mainly due to the fulfillment of obligations for almost US$700 million with private bondholders who entered the 2020 swap.
Within the framework of the negotiations with the International Monetary Fund (IMF), Economy Minister Martín Guzmán said that the Government and the organization agree on the need to have an exchange rate consistent with the trade surplus, the accumulation of reserves and regulations on the financial account.
A recent report from the BCRA recognized the appreciation of the peso in 2021 but noted that, despite it, “the Multilateral Real Exchange Rate Index (ITCRM) remained at levels compatible with the average of the last 24 years during the year, and in a context of external sector surplus”.
Source From: Ambito
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